Crude Oil Surges Past $100 Amid Geopolitical Tensions in Middle East
March 13, 2026 | Global Markets
Crude oil prices continued their upward trajectory on Friday, with Brent crude closing above the $100 per barrel mark for the first time since 2022. West Texas Intermediate (WTI) crude rose by as much as 2.2% to $97.85 per barrel, positioning both benchmarks for another weekly gain.
The surge comes amid heightened geopolitical tensions following statements from US President Donald Trump and Iran’s newly appointed Supreme Leader, Mojtaba Khamenei. In his first public remarks, Khamenei warned that Iran would take steps to ensure the strategic Strait of Hormuz remains closed to oil and gas shipments. He indicated that Iran would either seek compensation for any damage caused or destroy the assets of “enemies” if necessary.
President Trump, in a post on Truth Social, emphasized that preventing Iran from acquiring a nuclear weapon and threatening stability in the Middle East is “far more important” than oil costs. The comments have added pressure to already volatile energy markets.
US Energy Secretary Chris Wright told CNBC that the US Navy is not yet ready to safely escort ships through the Strait of Hormuz but is developing a plan to do so by the end of March. Earlier this week, Wright had posted on social media that the Navy had successfully escorted a ship through the narrow passage, briefly easing oil prices, but he later deleted the post, prompting an official denial from the White House.
Oil markets have seen unprecedented volatility this week. WTI traded within a $43 range, the widest since pandemic-era negative prices, while Brent fluctuated within a $38 range. Analysts attribute these swings to financial flows from options markets into exchange-traded funds, compounding the impact of geopolitical developments.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Last edited by a moderator: